Choose your country to see content specific to your location   United States

Accounting and Bookkeeping Challenges in the Healthcare Industry

Healthcare Industry is an important sector and plays a significant role in the public well-being of a country. While the Australian medical practices industry is continuously striving towards the nation's health, what it ends up lacking is its financial health. You might be a medical professional, medical practice firm or even someone who wants a piece of the glorified industry. But it is no different from other industries when it comes to taxation, bookkeeping, or accounting in the healthcare industry. A few of the challenges in regards to accounting and bookkeeping for medical practices are–

Specialisation

While an in-house professional accountant does not have to be someone who has full knowledge and experience of medical practice accounting, they need to apply the standard costing procedure of the industry to set a value for the product and services offered at your organisation.

Compliance

Medical practice accounting and bookkeeping is a non-core function for healthcare firms, medical practices firms and hospitals, and so on, and it entirely focuses on providing the best medical service. It might be challenging to keep up with new regulations with a growing business, ending in non-compliance.

Big data

Australian medical practices and health care industry is among one such sector where the volume of data on a day to day basis is voluminous. And so, it is a necessity for every medical practice and health care business to set a proper system in place that allows them to record these data efficiently.

Customised Accounting & Bookkeeping Services by Whiz Consulting

We at Whiz Consulting provide best in class healthcare accounting services. We have over four years of experience working closely with the healthcare industry. We have rendered accounting, bookkeeping, taxation, and payroll processing services through our professional accountants, who, with their in-depth knowledge of the sector, set your medical practice up for financial success.

Accounting in the medical field requires attention to detail, and it is quite a time-consuming process. To overcome this, we provided tailor-made professional healthcare bookkeeping services and healthcare accounting services. Our services will help you to streamline your business finance for better productivity and better client service.

We have a team of professional accountants for the healthcare industry who have worked for various sectors within the industry, including Old Age Caring, Healthcare, Franchising, etc., and they are working continuously for organisations, be it Clinics, Hospitals, Individual Doctors, and so on. We provide excellent service that matches the industry's intricate nature, right from the massive volume of bookkeeping and data entry to the preparation of Business Activity Statements (BAS) and financial reports.

With our service, you can keep your mind burden free from the complex function of Accounting and Bookkeeping and focus on your core function that is to provide the best healthcare service.

Accounting & Bookkeeping Services We offer for Healthcare Industry

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & CC Reconciliation
  • Payable & Receivable Function
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financial Statements
  • Financial Ratios Reporting
  • Cash Flow Forecasting
  • Preparation and Lodgement of BAS & FBT
  • Budgeting Quarterly / Yearly
  • CFO Advisory Every Monthly
  • Planning of Taxes
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on Managing Revenue, Expenses, Cash Flow
  • Lodging Income Tax Return
Read More

Accounts Payable

We prepare a daily, biweekly, or weekly report as requested for accounts payable and send the same to you so that you never breach payment terms with your clients. In addition, our outsourced accounting service covers the scanning of invoices to make sure about payment terms and so forth that adhere to your company policy. We will make sure that things are exactly as they should be, and we will make it our responsibility to raise a red flag with you when they are not.

Read More

Accounts Receivable

You cannot expect your business to sustain, let alone talk about growing if you are unsure how much you ought to receive from your debtors. You also need to make sure you receive what the others apart from the debtor owe you while ensuring that it is done promptly to keep that cash flow moving. We ensure that our clients receive money from the debtors on time, either by reminding clients of the overdue payments or contacting the debtors directly on your behalf.

Read More

Financial Reporting

With years of experience working with Australian clients, we know exactly what is needed for Australian Accounting and regulatory bodies' requirements. We can produce for you Periodic Reports, Business Activity System (BAS), Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis and much more. So you can trust us with your financial reporting requirements, and we can even get in touch with your CPA and make sure everything is there as and when he wants.

Read More

Payrolls

Outsourced payroll services at Whiz Consulting include receipt and analysis of payroll data, reporting payroll taxes, issuing payment and reports to employees (pay slips), and reporting data to end-user. We look after biweekly, weekly, or monthly payrolls for our clients, including PAYG, Superannuation, Tax Calculations and Deductions, and e-mailing salary slips to employees. In addition, our online accounting service will help you keep a vigilant eye on the complete payroll activity for your business.

Read More

Business Activity System (BAS) Preparation

We have been providing accounting and bookkeeping services in Australia for a long time now. So we understand and know the mandatory regulatory filings like BAS, and we can prepare BAS returns for our clients, which their CPA's or BAS agents can file. So you can count on us for the accuracy of these statements, and we will make sure these statements are prepared well before due dates.

Read More

BAS /FBT Lodgement

We are proficient in filing yearly, quarterly or monthly BAS & FBT returns with the ATO. We can also calculate and pay PAYG and FBT amounts. Therefore, you can rely on us for the accuracy of these statements, and we will make sure that these statements are prepared and lodged well before due dates.

Read More

TAX Filing

Having dealt with clients in Australia for over a decade and having a highly experienced Australian CPA in our team, we can prepare and lodge your tax returns, be it for Companies, Trusts, Partnerships, or Individuals. We also advise and assist our clients in planning tax liability in the most efficient way.

Read More

Why Choose Whiz Consulting for your Accounting and Bookkeeping?

When your accounting and bookkeeping function is in place, you can conduct your business by focusing entirely on the core function. As a healthcare accounting firm, Whiz Consulting has provided accounting and bookkeeping for Healthcare Industry in Australia to every organisation type irrespective of its scale of operation. If you are looking for accounting and bookkeeping services, here is why you should choose us -

Decade long experience

With the experience of over a decade and technical know-how of healthcare industry-specific requirements, our team will streamline your bookkeeping and accounting systems, upsurge the productivity and lower down the taxes.

Cost-Effective

Hiring a professional accountant with in-depth knowledge of the healthcare industry and the right fit for your organisation can cost you 70% more than hiring our service. You will have a pool of resources under one roof.

Compliance

Our team will make sure that your healthcare organisation doesn't commit any non-compliance. We are well familiar with the existing and new rules & regulations prevailing in the industry. 

Business Growth

We take care of your vital function while you take care of your core business function. It helps you to focus on what matters the most, helping you to achieve growth for your business.

Boundless Consultation

We provide unlimited phone and e-mail consultations with experienced professionals helping us to modify a plan for you based on your exclusive business needs.

Consistent Report

Regularly view detailed reports of all the invoices that are processed along with the status of your invoices and reconciliation summary statements

Frequently Asked Questions (FAQs)

There is no specific healthcare accountant qualification that one can have. Any Certified Practicing Accountant (CPA) can be a healthcare accountant. To become an accountant in Australia, one needs to have a bachelor’s degree in accounting, which applies to the professional accounting body of Australia. Additionally, one can also get a master’s degree in Professional accounting or complete a CPA (Certified Practicing Accountant) program to become a licensed accounting professional. However, any accountant with good experience in accounting for the healthcare industry can be a healthcare accountant.
Healthcare accounting is complicated and must be handled by professionals to avoid any issues. Any problems with the finance and accounting department of the healthcare organisation also negatively affect the organisation’s normal functioning. Following are some major accounting issues faced by healthcare organisations:

• Complex financial framework: Healthcare organisations deal with a complicated layer of associated elements like patients, their payments, their insurance claims, etc. These complex associations of components make the financial framework complex and difficult to manage.
• Outdated technology for accounting: Many healthcare organisations still use manual processes or spreadsheets to maintain records, which is quite an obsolete way. The outdated technology does not provide a complete track and control of data recorded simultaneously. It is also difficult to set standards and procedures for processes in the outdated technologies used for accounting purposes. Organisations using old, outdated technologies often run into the risk of time wastage and compliance violations.
• Mergers and Acquisitions: The rising number of mergers and acquisitions in the healthcare industry means that more and more organisations are becoming a part of a more extensive system managed by a head office. Hence, more books and records are required to be maintained and integrated with the financial statements of the head office. When the organisations are merged or acquired, the number of patients and their separate records and billings increase. It puts pressure on the existing accounting process and takes more time to manage.
The best and simplest way to find a good healthcare accountant is to look in the accounting associations or bodies like the Institute of Chartered Accountants of Australia, CPA Australia, or the Institute of Public Accountants. The accountants who have completed their courses from these institutes are certified professional accountants and are the best choices for finding a good accountant for a healthcare organisation. Another way is to go for a good outsourced accounting services provider who is proficient with healthcare accounting.

Get 30 Mins Free Personalized Consultancy